Carbon Steel Procurement Intelligence: Key Metrics for Success
The carbon steel category is expected to grow at a CAGR of 4.0% from 2023 to 2030. The APAC region accounts for the largest category share and is anticipated to be the fastest-growing region in the forecast period. Factors such as the rise in the need for carbon steel in infrastructure development, the automotive sector, construction sites, and machinery are driving the category growth. One of the key trends is the use of this product in the shipbuilding industry owing to the growing demand in China, and Southeast Asia. Availability of cheap labor and technological advancement are the reason companies are shifting their shipbuilding manufacturing to these countries. High-temperature drawing (HTD), advanced metallurgy, and coatings are a few technological advancements that are generally used in this category to enhance the properties of carbon steel. HTD is used by manufacturers to reduce cost, production time, and the impact on environment during the production. Coatings and advanced ...